This quiz works best with JavaScript enabled. Home > Finance > Accounting > International Accounting > International Accounting – Quiz 4 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books International Accounting Quiz 4 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. When is Hari Malaysia A) 16 September. B) 31 August. C) 31 December. D) 16 May. Show Answer Correct Answer: A) 16 September. 2. What does "transparency" mean in accounting? A) An emphasis on confidentiality. B) Restricted disclosure of accounting information. C) Flexibility in the application of accounting standards. D) Openness of accounting information. Show Answer Correct Answer: D) Openness of accounting information. 3. ..... states that an entity satisfies a performance obligation overtime and recognize revenue over time, if any of the following criteria are met: A) IFRS 17. B) IFRS 5. C) IFRS 16. D) None. Show Answer Correct Answer: D) None. 4. The weighted average method of process costing differs from the FIFO method of process costing in that the weighted-average method A) Requires that ending work-in-process inventory be stated in terms of equivalent units of production. B) Considers the ending work-in-process inventory only partially complete. C) Does not consider the degree of completion of beginning work-in-process inventory when computing equivalent units of production. D) Can be used under any cost-flow assumption. E) Leads to higher profits. Show Answer Correct Answer: C) Does not consider the degree of completion of beginning work-in-process inventory when computing equivalent units of production. 5. What is not in the colour in Malaysia flag A) Yellow. B) Blue. C) Red. D) Green. Show Answer Correct Answer: D) Green. 6. A cost that bears on observable and known relationship to a quantifiable activity base is a(n) A) Fixed costs. B) Indirect costs. C) Engineered costs. D) Sunk costs. E) Target costs. Show Answer Correct Answer: C) Engineered costs. 7. The basic purpose of a management control system (responsibility accounting system) is A) Budgeting. B) Goal congruence. C) Variance analysis. D) Authority. E) Income measurement. Show Answer Correct Answer: B) Goal congruence. 8. Which one of the following statements regarding the difference between a flexible budget and a static budget is true? A) A flexible budget is prepared for planning purposes, while a static budget is prepared for performance evaluation. B) A flexible budget provides cost allowances for different levels of activity, whereas a static budget provides budgeted costs for one level of activity. C) A flexible budget includes only variable costs, whereas a static budget includes only fixed costs. D) A flexible budget is established by operating management, while a static budget is determined by top management. E) A flexible budget is most cases the same as a static budget. Show Answer Correct Answer: B) A flexible budget provides cost allowances for different levels of activity, whereas a static budget provides budgeted costs for one level of activity. 9. What term is used to describe accounting standards that encourage risk-taking in financial reporting? A) Optimism. B) Transparency. C) Conservatism. D) Professionalism. Show Answer Correct Answer: A) Optimism. 10. Budgetary slack in cost (expense) budgets can best be described as A) An inflation factor used to bring historic costs to current levels. B) Acutal cost minus budgeted cost. C) The planned overestimation of budgeted expenses. D) The elimination of certain expenses to enhance budgeted income. E) The planned underestimation of budgeted expenses. Show Answer Correct Answer: C) The planned overestimation of budgeted expenses. 11. Which of the following countries tends to have a relatively high degree of transparency in their companies' financial statements? A) Germany. B) Switzerland. C) United Kingdom. D) Saudi Arabia. Show Answer Correct Answer: C) United Kingdom. 12. Optimism is a value of accounting standards that would most likely be found in which country? A) Japan. B) Mexico. C) Australia. D) Brazil. Show Answer Correct Answer: C) Australia. 13. It is estimated that a particular manufacturing job is subject to an 60 percent learning curve. The first unit required 50 labor hours to complete. What is the cumulative average time per unit after eight units completed? A) 10, 8 hours. B) 25, 6 hours. C) 18, 0 hours. D) 6, 5 hours. Show Answer Correct Answer: A) 10, 8 hours. 14. Which of the following is NOT one of Football club in Malaysia A) . B) . C) . D) . Show Answer Correct Answer: A) . 15. International accounting diversity can be found in terms of: A) Terminology used in the financial statements. B) The amount of information disclosed in the financial statements. C) The order of items in the financial statements. D) All of the above are evidence of accounting diversity. Show Answer Correct Answer: D) All of the above are evidence of accounting diversity. 16. How many ways to comply with IFRS A) 2. B) 6. C) 1. D) 4. Show Answer Correct Answer: A) 2. 17. In their 1993 paper, Doupnik and Salter found that countries tended to cluster in terms of the similarities or differences of their accounting systems. These researchers attribute the large cluster around Great Britain to: A) The superiority of the Anglo accounting model. B) The colonial influence of Great Britain on accounting development. C) The predominant influence of Great Britain in the world economy. D) The fact that more of the world's people speak English than any other language. Show Answer Correct Answer: B) The colonial influence of Great Britain on accounting development. 18. At the end of a year, underallocated factory overhead (material amount) should be A) Allocated among cost of goods manufactured, finished goods inventory and cost of goods sold. B) Charged to cost of goods sold account. C) Allocated among work in process, finished goods inventory and cost of goods sold. D) Recorded as a deferred charge. E) Recorded as extraordinary loss. Show Answer Correct Answer: C) Allocated among work in process, finished goods inventory and cost of goods sold. 19. What are the reasons for development of International accounting? A) Trade expansion. B) Increase in MNCs. C) Increase in flow of capital. D) All of the above. Show Answer Correct Answer: D) All of the above. 20. When accounting rules are left up to professional associations rather than being legislated by governmental bodies, what is the likely result? A) Very general accounting rules are created, as in code law countries. B) Very general accounting rules are created, as in common law countries. C) Very detailed rules for practice are created, as in common law countries. D) Very detailed rules for practice are created, as in code law countries. Show Answer Correct Answer: C) Very detailed rules for practice are created, as in common law countries. 21. Generally, in traditional cost accounting systems, which of the following is more likely to be true?High volume products/Low volume Products A) Accurately costed/undercosted. B) Accurately costed/overcosted. C) Accurately costed/accurately costed. D) Overcosted/undercosted. E) Undercosted/overcosted. Show Answer Correct Answer: D) Overcosted/undercosted. 22. It is estimated that a particular manufacturing job is subject to an 80 percent learning curve. The first unit required 50 labor hours to complete. What is the cumulative average time per unit after eight units are completed? A) 32, 0 hours. B) 30, 0 hours. C) 25, 6 hours. D) 50, 0 hours. E) 40, 0 hours. Show Answer Correct Answer: C) 25, 6 hours. 23. On December 31, 20x1, Evans Inc. reported an available-for-sale passive equity investment at a fair value of $ 96, 450 and an unrealized loss of 19, 800 in Accumulated Other Comprehensive Income (AOCI). What was the historical cost (i.e. purchase price) of the equity investment? A) $ 76, 650. B) $ 96, 450. C) $ 63, 595. D) $ 116, 250. Show Answer Correct Answer: D) $ 116, 250. 24. If a manufacturing company uses responsibility accounting, which one of the following items is LEAST likely to appear in a performance report for a manager of an assembly line? A) Repairs. B) Depreciation on equipment. C) Direct materials. D) Maintenance. E) Direct labor. Show Answer Correct Answer: B) Depreciation on equipment. 25. When only relevant (differential) manufacturing costs are taken into account for special order pricing, an essential assumption is that A) All manufacturing costs are discretionary costs. B) Manufacturing fixed and variable costs are linear. C) Acceptance of order will not affect regular sales. D) Acceptance of order will cause administrative variable costs to increase. E) Selling and administrative fixed and variable costs are linear. Show Answer Correct Answer: C) Acceptance of order will not affect regular sales. 26. Which of the following are NOT one of Faculty at MSU A) FSKM . B) FHLS. C) Plugs. D) FBMP. Show Answer Correct Answer: A) FSKM . 27. The LIFO (last in first out) method is allowed under US-GAAP but not under IFRS. Correct? A) Yes. B) No. Show Answer Correct Answer: A) Yes. 28. Who is NOT a prime Minister of Malaysia A) Khairy Jamaluddin. B) Tunku Abdul Rahman Putra Al-Haj. C) Anwar Ibrahim. D) Mahathir Mohamad. Show Answer Correct Answer: A) Khairy Jamaluddin. 29. Which of the following statements is NOT universally included in annual reports worldwide? A) Balance Sheet. B) Cash Flow Statement. C) Income Statement. D) All of the above statements are included in annual reports worldwide. Show Answer Correct Answer: B) Cash Flow Statement. 30. According to Gray's framework for accounting system development, which of the following are directly affected by ecological influences, such as geography, demography, and technology? A) Accounting systems. B) Accounting values. C) Cultural dimensions. D) Institutional consequences. Show Answer Correct Answer: C) Cultural dimensions. ← PreviousNext →Related QuizzesAccounting QuizzesFinance QuizzesInternational Accounting Quiz 1International Accounting Quiz 2International Accounting Quiz 3International Accounting Quiz 5International Accounting Quiz 6International Accounting Quiz 7 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books